The Evolution of Black Friday: From Financial Panic to Global Shopping Phenomenon

Black Friday's origins were strikingly different from the shopping event we know today, having undergone a remarkable transformation over time.

The term "Black Friday" first emerged during the financial crisis of 1869 in the United States. On September 24 of that year, Wall Street speculators Jay Gould and James Fisk attempted to manipulate the gold market, resulting in a devastating market collapse. According to Encyclopaedia Britannica, this economic disaster became known as "Black Friday" - representing financial ruin rather than retail opportunities.

The phrase disappeared for nearly a century before reappearing with equally negative associations. The New York Times documented how Philadelphia police in the 1950s and 1960s used "Black Friday" to describe the post-Thanksgiving mayhem when massive crowds entered the city for the annual Army-Navy football game. This resulted in traffic gridlock, increased shoplifting incidents, and overwhelmed law enforcement officers who came to dread this particular day.

Retail businesses initially disliked the terminology as it conveyed chaos and lawlessness - qualities that hardly attracted potential customers.

The transformation from problematic to profitable was largely orchestrated by the retail industry itself. The BBC reports that Philadelphia retailers eventually recognized the value in the enormous foot traffic, promoting the day as the unofficial beginning of Christmas shopping season.

By the 1980s, American retailers executed a complete rebranding effort, introducing a new narrative: Black Friday represented the moment businesses went "into the black," transitioning from annual losses ("in the red") to profitability. As The Guardian indicates, while this explanation was more marketing mythology than reality, it successfully neutralized the term's negative connotations.

Marketing campaigns strengthened this rebranded concept. Retailers began implementing significant discounts, longer hours, and attention-grabbing "doorbuster deals." By the early 2000s, Black Friday had evolved into a carefully orchestrated commercial event - still chaotic but now celebrated by consumers and businesses alike.

Black Friday's contemporary surge occurred following the 2008 financial crisis. The New York Times observed that post-crisis, retailers heavily emphasized discount-driven strategies, causing Black Friday to grow exponentially in scale.

The proliferation of e-commerce, particularly through Amazon, transformed Black Friday from an American phenomenon into a global retail event. BBC News highlights how countries without Thanksgiving traditions - including India, the United Kingdom, and various European nations - adopted the sales event simply because consumers had come to expect it.

Today, Black Friday marks the beginning of an extended retail period that includes Cyber Monday and weeklong "Cyber Week" promotions, becoming firmly established in the global shopping calendar.